Updates

Alliance Pharma

November 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Alliance Pharma, which owns a portfolio of branded generic medicines, produced a 17% increase in half year pretax profit to £7m on sales ahead 3% to £24.4m. The decent growth came despite increased competition for Deltacortril, one of its top-selling drugs but its dermatology and oncology portfolios performed well. Net debt increased slightly by £0.7m to £17.7m but net debt to EBITDA remains low at 0.9 times. Continuing its policy of using cash flow to fund bolt-on eps enhancing acquisitions, Alliance has just purchased six products from Beacon Pharmaceuticals for £2.4m, which had made a gross profit of £0.9m in the 12 months to April on sales of £2m. The majority of sales come from Rizude ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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